There had to be something of reckoning at some stage, either the crude contracts would have to give up some of their backwardations, or flat price would have to pull its socks up and join in.
Although this note predominantly intends to round up events and developments surrounding the oil market, in today’s interconnected environment sometimes macroeconomic headlines take over.
The standout number again from the EIA inventory report yesterday was the state of crude stocks.
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